Egypt, EU mull plans for joint business forum to lure more European investments

Egyptian Ministry of Trade and Industry and the European Union (EU) are contemplating the organization in the arab country of a joint business forum meant to attract further European investments in the Egyptian market and boost exports to Africa.

Ahmed Samir, the Egyptian Minister of Trade according to his department held an extensive discussion session with Christian Berger, EU Ambassador in Cairo.

The two sides, according to the ministry, reviewed the efforts taken by the Egyptian state during the past period to give a boost to the Egyptian private sector and prepare the business environment, especially in the light of the subsequent global crises represented in the Corona pandemic crisis and the Russian-Ukraine crisis.

The two sides have agreed to intensify communication over the coming period to encourage European companies to pump new investments into the Egyptian market and take advantage of the incentive packages provided by the Egyptian government to attract foreign investment. Discussions focused on the potential to hold a business forum in Egypt that will bring together businessmen from Egypt and EU countries, the ministry said in a statement.

The Arab country is seeking to take advantage of the African Continent Free Trade Agreement to transform Egypt into a hub for manufacturing and exporting European products to African markets, and also to take advantage of its recently launched strategy to develop the car industry, especially electric cars.